Sceye, a leading US aerospace company specializing in High-Altitude Platform Systems (HAPS), announced the successful closing of its Series C funding round, led by Mawarid Holding Company, a prominent Saudi corporation with an established presence in ICT, satellite, and digital solutions.
By closing the Series C funding round, Sceye strengthened its balance sheet and now boasts a pre-money valuation of USD 525 million.
"The Series C round is a critical milestone for Sceye. These funds will accelerate our platform development and commercial roadmap, paving the way for the commercialization of our HAPS technology in 2025. Our partnership with Mawarid opens new territories and market opportunities for our innovative solutions," said Mikkel Vestergaard Frandsen, CEO and Founder of Sceye.
This Series C investment announcement follows the success of Sceye's 2024 flight program, where the company achieved a significant milestone by demonstrating perpetual flight capabilities while suspended over an area of operation.
The test flight proved that Sceye's HAPS can operate continuously, with solar energy powering the system during daylight hours and battery storage ensuring overnight flight capabilities.
Ghassan Itani, Assistant Chairman of Mawarid, added, "This partnership reinforces Mawarid's commitment to pioneering technology advancements and delivering digital solutions that serve critical industry sectors. By incorporating HAPS technology, we enhance our position as a comprehensive provider of strategic industry solutions."
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